Bank of Canada Confirms That Low Interest Rates Are Here To Stay
1 min read
Low-interest rates are sticking around for a little while longer, as the Bank of Canada commits to extending 2020 mortgage rates well into 2021. But will this do more harm than good to Canada’s real estate industry?
Both prospective and current property owners have taken advantage of record-low rates that have dipped below five, perfect for a five-year fixed term. Areas outside of the city became increasingly sought after, as work from home proves to be our new normal, at least for the time being. For Canadians who are looking to enter the market, low-interest rates are an appealing incentive. However, this may cause blurred lines between affordability and over-extension. Fluctuating rates are given little thought as buyers continue to take advantage of an ideal market.
When investing in property during today's climate, strategizing is vital. Navigating a low-rate environment may pose challenging at the moment, but planning for future fluctuation will help you stay ahead of the game once mortgage rates begin to rise once again.
Learn more about how you can navigate a low-interest environment.
Reference
Sartor, L., & Haslett, E. (2021, March 04). How low can Rates go: Navigating a long-term low rate environment: Renx - real estate NEWS EXCHANGE. Retrieved March 12, 2021, from https://renx.ca/how-low-interest-rates-navigating-long-term-environment/
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Westhaven Group oversees a collection of companies involved in managing and trading over 600,000 square feet of real estate across the City of Toronto and surrounding areas.
With multiple years of experience in the industry, our team works within residential and commercial spaces ensuring every aspect of real estate investment is covered.
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